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2019 – 08/19 – Should you elect S corporation status?

  • Writer: Holly Roundtree CPA
    Holly Roundtree CPA
  • Aug 26, 2019
  • 1 min read

Operating a business as an S corporation may provide advantages, including limited liability and no double taxation (at least at the federal level). Self-employed people may also be able to lower their exposure to Social Security and Medicare taxes. But not all businesses are eligible and, with tax law changes, S corps may not be as appealing as they once were. Double taxation may be less of a concern due to the 21% flat income tax rate that now applies to C corporations, while the top individual rate is 37%. On the other hand, S corp owners may benefit from the new qualified business income (QBI) deduction, which can equal as much as 20% of QBI. Contact us for more information.

 
 
 

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© 2018 by Holly C Roundtree, CPA, PLLC

Holly C Roundtree, CPA, PLLC


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Email: holly_roundtree@hcroundtreecpa.com​

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